Altcoin Psycho: Bitcoin Needs To Clear 36K Before Calling It Recovery
A popular crypto trader known as Altcoin Psycho analyzes the key levels Bitcoin must conquer to signal a true recovery.
In a recent series of tweets, the crypto trader shares with his 283K Twitter followers that he has mixed feelings of Bitcoin’s recovery this weekend – even as Bitcoin surpassed $34,000 on Saturday.
“No need to overcomplicate things here. People prefer clout over profit so they’re trying to play fortune teller and predict the bottom. Let’s reclaim $36,000 and change market structure first, then I’ll be excited. Everything else is just emotion and noise.”
The analyst is watching the levels at which Bitcoin opened and closed on the weekly and daily charts. His focus is on Monday’s low near $30,400, Monday’s high of $31,850 and the previous weekly low of $31,050.
“Black arrows on my chart are areas of interest:1) Untapped H4 zone we just broke out of2) Previously weekly high3) Monthly open
Will be watching reactions at those areas closely. Just remember, price needs to clear [$36,000] before celebrating.”
The analyst is not fully convinced of Bitcoin’s latest rally. But, he does believe that the amount of attention the crypto market is receiving, entering a bear market is not likely.
“There’s not [a] doubt in my mind that there’s too much money coming in for crypto to just go in a multi year bear market. But how about we reclaim a few key levels before breaking out the bull tweets yea?”
Another widely-followed analyst known as Dave the Wave seems to be betting on an end-of-year recovery for BTC as the flagship cryptocurrency hits the bottom level of the moving average convergence/divergence indicator (MACD).
“MACD has pretty much met the first level now. The lower level and turn around at the end of this year?”
